24 Apr 2014
AUD/USD unwinding from oversold conditions
FXStreet (Bali) - AUD/USD is up 0.06% on the day testing offers at 0.93 following an intraday breakout of 0.9290 resistance, taking out some light stops.
How strong has the move been?
The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish. Currently RSI is at 63.07, up from the last hourly print at 48.60, with ADX at 29.42, up from its previous close at 24.11. Daily RSI sits at 62.29, in neutral territory.
Looking to momentum indicators, the hourly 200 SMA is currently at 0.9325, down from the last close at 0.9353 and declining. Over the past 20 days, the exponential average closing price is 0.9301, and trending higher.
How volatile has AUD/USD been?
Hourly 2-Standard Deviation Volatility Bandwidth is currently 23 pips, and has been shrinking, while the ATR (14) is currently 9 pips. Daily 2-Standard Deviation Volatility Bandwidth is at 255 pips and shrinking. The average movement for the current hour has been for 9 pips per hour, over the last four weeks. Meanwhile, 1:00-2:00 GMT represents peak for volatility, with an average movement of 26 pips over the same period.
What price levels and patterns have to be considered?
With spot trading at 0.9294, we can see next resistance ahead at 0.9296 (Weekly Classic S1), 0.9297 (Daily Classic S2), 0.9301 (Daily 20 SMA), 0.9303 (Daily High) and 0.9328 (Hourly 100 SMA). Support below can be found at 0.9293 (Hourly 20 EMA), 0.9291 (Weekly Low), 0.9290 (Daily Open), 0.9281 (Daily Low) and 0.9273 (DailyClassic S3). Looking to candlestick patterns, we can see a Doji formation on the 4-hour chart.
AUD/USD technicals
According to Jim Langlands, Founder at FXCharts: "the hourlies are unwinding from becoming oversold and if 0.9290 gets taken out, then we could see a bit of a squeeze back towards 0.9310/15. If we get there, I would expect further upside to be rather limited today, with the 100 HMA at 0.9325 and the 200 HMA at 0.9350 both likely to see offers."
How strong has the move been?
The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish. Currently RSI is at 63.07, up from the last hourly print at 48.60, with ADX at 29.42, up from its previous close at 24.11. Daily RSI sits at 62.29, in neutral territory.
Looking to momentum indicators, the hourly 200 SMA is currently at 0.9325, down from the last close at 0.9353 and declining. Over the past 20 days, the exponential average closing price is 0.9301, and trending higher.
How volatile has AUD/USD been?
Hourly 2-Standard Deviation Volatility Bandwidth is currently 23 pips, and has been shrinking, while the ATR (14) is currently 9 pips. Daily 2-Standard Deviation Volatility Bandwidth is at 255 pips and shrinking. The average movement for the current hour has been for 9 pips per hour, over the last four weeks. Meanwhile, 1:00-2:00 GMT represents peak for volatility, with an average movement of 26 pips over the same period.
What price levels and patterns have to be considered?
With spot trading at 0.9294, we can see next resistance ahead at 0.9296 (Weekly Classic S1), 0.9297 (Daily Classic S2), 0.9301 (Daily 20 SMA), 0.9303 (Daily High) and 0.9328 (Hourly 100 SMA). Support below can be found at 0.9293 (Hourly 20 EMA), 0.9291 (Weekly Low), 0.9290 (Daily Open), 0.9281 (Daily Low) and 0.9273 (DailyClassic S3). Looking to candlestick patterns, we can see a Doji formation on the 4-hour chart.
AUD/USD technicals
According to Jim Langlands, Founder at FXCharts: "the hourlies are unwinding from becoming oversold and if 0.9290 gets taken out, then we could see a bit of a squeeze back towards 0.9310/15. If we get there, I would expect further upside to be rather limited today, with the 100 HMA at 0.9325 and the 200 HMA at 0.9350 both likely to see offers."